Cipla to buy two units in Goa and Maharashtra for Rs 100 cr

Pharma major Cipla said on Friday it would acquire two manufacturing units from its contract manufacturer Okasa for Rs 100.93 crore.

The acquisition will be carried out through the company's wholly owned subsidiary Medispray Laboratories. The decision was approved by Cipla board at its meeting held on Friday.

"A significant portion of the capacities of the two undertakings are dedicated for the manufacture of Cipla's products. Acquisition of the aforesaid undertakings is expected to yield operational synergies," Cipla said in a filing to the BSE.

The consideration for the above two transactions are Rs 29 crore and Rs 71.93 crore respectively, it added.

"The first manufacturing facility located at Goa is owned by Okasa Pvt Ltd and the second manufacturing facility located at Satara (Maharashtra) is owned by Okasa Pharma Pvt Ltd," the filing said.

Entities controlled by relatives of the promoters hold majority interest in the companies, which own the aforesaid undertakings, it added.

Price Waterhouse & Co. LLP and Kotak Mahindra Capital have valued the transactions.

Shares of Cipla Ltd on Friday closed at Rs 557.30 per scrip on the BSE, up 1 per cent from their previous close.